Asset Analysis as at 31/3/01

Fleming Japanese Smaller Cos IT PLC
5 April 2001


ASSET ANALYSIS AS AT 31st MARCH 2001

THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                      % funds as at 31/3/01
UK                                                                            0
Japan 1st section                                                            55
Japan 2nd section                                                             1
Japan OTC/regional                                                           18
Japan bonds                                                                   0
Cash and non Japanese fixed interest                                         26
                                                                            100